The market seems to be quieting down a little bit in the upper ranges – homes $1 million and higher.

In the lower ranges, I’m still seeing bidding wars as people continue to be stimulated by the low mortgage rates.

One of my buyer agents was just involved in a bidding war on a Yorkville-area property in the mid-$500K range.

The property, which was really only valuable because of the land, had been clearly underpriced on purpose to generate a bidding war.

The home had five offers on it and at the end of the day ours wasn’t the one selected.

When it’s me representing the seller, I always try to price homes I list competitively or under market value as this helps to create a buzz and attract buyers.

Right now I have a detached house in the Annex for $749,000. The owners, a couple with three children, need a larger house and I’m confident this one will sell quickly and for over asking.

The best over asking sale I ever had was on a house in Forest Hill that I originally listed at $1,795,000. It ended up selling for nearly $1 million over our asking price.

For buyers, it’s really easy to get caught up in the moment when it comes to bidding wars. That’s why I always caution my clients to be careful in those types of situations.

Elli Davis has been awarded the #1 position in Toronto for Royal LePage (approximately 13,000 agents nationwide) for the 22nd consecutive year and the #5 position in Canada for Royal LePage. Read her weekly blog at PostCity.com. For more information on Elli Davis click HERE.